SC orders Sahara chief Subrata Roy to deposit ₹1.5K cr by Sept 7

The Supreme Court on Tuesday asked embattled Sahara Group chief Subrata Roy to deposit Rs 1,500 crore in the SEBI-Sahara refund account by September 7, saying it may then deliberate upon his plea seeking 18 months more time for making complete re-payment.

A bench headed by Justice Dipak Misra rejected the plea of senior advocate Kapil Sibal, representing Roy, that the proceedings to start the auctioning process of the Rs 34,000 crore worth Aamby Valley property by the official liquidator of the Bombay High Court be put off till September 7.

Roy had earlier undertaken before the court that he will deposit Rs 552.21 crore by July 15.

However, Sibal at the outset, informed the bench, also comprising justices Ranjan Gogoi and A K Sikri, that out of Rs 552.21 crore, Roy has deposited Rs 247 crore and the balance amount of Rs 305.21 crore will be deposited by August 12.

"It is directed that the respondent-contemnor (Roy) shall deposit Rs 1,500 crore which would include the balance amount of today by September 7. After due consideration, we have granted time till September 7, though Sibal, with all humility at his command, prayed for fixing the date some time in October 2017," the bench said.

Meanwhile, the bench extended its earlier order granting parole to Roy and fixed the matter for hearing on September 11.

The bench, which has approved the draft sale notice and terms to dispose of Sahara's Aamby Valley properties, said, "the official liquidator shall publish the sale notice as given by him and the notice shall be published on August 14. The steps which are required to be taken for the publication of the sale notice are allowed.

"The amount that is required for publication shall be given from the SEBI-Sahara account. Pratap Venugopal (appearing for SEBI) shall see that the moment the official liquidator produce a letter, the amount shall be released to the official liquidator."

At the outset, Sibal and senior advocate Mukul Rohatgi, appearing for one of the Sahara companies, assailed the apex court's judgement in the case and sought 18 months time to re-pay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.

Sibal said it was quite difficult to raise money as the properties have already been attached and the companies are not being allowed to do their business and sought 18 months time to re-pay entire money.